CMCSA Jan 2021 22.500 call

OPR - OPR Delayed Price. Currency in USD
12.53
0.00 (0.00%)
As of 6:43PM EDT. Market open.
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Previous Close12.53
Open12.53
Bid16.10
Ask16.65
Strike22.50
Expire Date2021-01-15
Day's Range12.53 - 12.53
Contract RangeN/A
Volume2
Open Interest12
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  • Reuters

    CORRECTED-NBCU's Peacock strikes deal with ViacomCBS to stream 'The Godfather' and others

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  • Facebook Boycott Adds to an Already Bleak Year for Advertising
    Bloomberg

    Facebook Boycott Adds to an Already Bleak Year for Advertising

    (Bloomberg) -- Long before an uproar over online hate speech prompted hundreds of marketers to cut summer social media budgets, 2020 was turning out to be a dismal year for the global advertising industry.Total ad spending will fall 12% this year, compared with a 6.2% gain in 2019, according to GroupM, a division of advertising giant WPP Plc. That’s the biggest contraction in at least a decade. As the global pandemic spread around the world and consumer spending slowed to a trickle, many corporations targeted marketing as a fast, early way to cut costs.One ad agency executive said third-quarter buying would be down 20% to 30%. New deals were being struck with “force majeure” clauses that would allow advertisers to pull out if a second wave of the virus caused new shutdowns, said the executive, who requested anonymity discussing internal financial figures. In the U.S., hopes that the virus would slow by summer are fading as states that had begun opening up move to shut down again because of a jump in cases.Against this backdrop, advertisers are making another shift. Big companies around the world have said they’ll pause spending on social media, several of them singling out Facebook Inc., because they don’t want marketing messages appearing alongside the vitriol and disinformation. Many are heeding the call from a consortium of civil rights and other advocacy groups, including Color of Change and the Anti-Defamation League, to stop spending on Facebook for July to protest the company’s failure to police harmful content.The pause creates a way for many companies to take a public stance against hate while at the same time providing a concrete reason to trim marketing budgets or, in some cases, experiment with alternatives to traditional social media, such as Amazon.com Inc. or ByteDance’s TikTok. “While many brands were planning on pulling back ad spend anyways, a portion of Facebook-allocated dollars may end up on Snapchat, Pinterest, Amazon, Walmart, etc.,” Mark Shmulik, an analyst at Sanford C. Bernstein, wrote in a recent research note.Ad budgets are an indicator of corporate sentiment toward the world economy. Confidence and growth leads to bigger budgets and higher ad prices. Ad spending cratered in March and April as businesses shut and people stayed home to comply with lockdown orders.In interviews earlier in the year, ad execs were mostly hopeful that the pain would end once quarantines lifted and the economy rebounded. But behind the scenes, the picture was more bleak. Ad agencies, which choose how and when to spend the money companies entrust to them, have cut thousands of jobs. Ad executives who had spent money on spots meant to run during now-canceled sports events tried to recoup the money and find new outlets for it, according to people interviewed by Bloomberg who asked not to be identified discussing private negotiations.Despite the larger advertising pullback, a pause for social media platforms like Facebook, Twitter Inc. and YouTube creates an opening for ad upstarts on the digital side. Packaged foods company Conagra Brands Inc. pulled Facebook advertisements, redirecting the money to search and e-commerce ads, a category most likely to benefit online rivals Google and Amazon.Ben & Jerry’s, a division of Unilever, was one of the early brands to join the StopHateForProfit campaign. “The marketing dollars that would have been spent on Facebook will be spent on other channels, including possibly some Black-owned media outlets,” said Chris Miller, the activism manager at Ben & Jerry’s.Even if the boycotts gain momentum and persist for more than a month, Google and Facebook are still likely to benefit in the long-term from the disruption wrought by the pandemic. That’s because these companies offer advertisers the most flexible and direct way to reach consumers; spending can be paused or ramped up on a moment’s notice. The tech giants also benefit from the millions of small businesses that rely heavily on them for day-to-day business and don’t necessarily need to take a public stand on moral issues. “They may grab an even greater market share post COVID-19 than the strong gains we are currently projecting,” Michael Nathanson, an analyst at MoffettNathanson LLC, said of Facebook and Google.The more traditional parts of the ad ecosystem, which still account for around half of advertising spending, are in a riskier position.For the TV industry, the advertising outlook for the rest of 2020 will depend on two still-unanswered questions. One is how much the pandemic-driven recession will accelerate cable-TV cord-cutting. With unemployment high, more people are expected to cancel their TV subscriptions as they tighten their household budgets. That would hurt viewership and the advertising dollars that go with it. The bigger audiences as a result of people being confined to their homes has already started to fall for just about all programming except news as more people venture outdoors again.The other big question is the return of sports. As long as professional and college football starts up again this fall, media companies like Fox Corp., Comcast Corp., Walt Disney Co. and ViacomCBS will likely see a rebound in advertising revenue, analysts say. Brands spent over $4 billion on TV commercials during NFL games last year.Still, some big TV advertisers could be less willing to jump back this year at all. Carmakers like General Motors and Ford, for instance, have been among the top buyers of TV commercials. The global pandemic has disrupted their supply chains and raised doubts about consumers making big purchases like cars.Media companies and TV networks are now under pressure to make their contracts more flexible. TV networks typically prevent advertisers from pulling all of their money out on short notice. That frustrated many advertisers this spring when the pandemic first kicked off the recession. Now, advertisers are pushing for the right to pull more of their money out of a TV network with fewer days notice in case the coronavirus worsens the economic picture. They will, however, likely pay a higher price for that flexibility, according to one TV executive.That could send them back to the digital platforms, regardless of all the commitments to boycott Facebook.“Brands can stop TV ads but they can’t stop things being on social,” said Arron Shepherd, co-founder of global social media and influencer marketing agency Goat.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Reuters

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  • Liverpool Is Back, But English Soccer May Have Peaked
    Bloomberg

    Liverpool Is Back, But English Soccer May Have Peaked

    (Bloomberg Opinion) -- Soccer is back. The stadiums might be empty, the training protocols strict and the virus testing frequent, but after a three-month absence, England’s Premier League has returned. The money, however, has not.Empty grounds mean no ticket sales. More significant is the broadcast revenue, which in English football’s top division represents two-thirds of club income. While bored Brits may have been desperate for a televised dose of Liverpool versus Everton on Sunday night — crowd or no crowd — the Covid-19 pandemic has pretty much ended hopes for a new spurt of growth in the value of broadcast rights. (That the Liverpool derby is being shown free-to-air may in itself be a sign of different times.) The TV money had already shown signs of plateauing before the coronavirus. Since its inception in 1992, the Premier League’s broadcast income has soared by more than 60 times to 3 billion pounds ($3.7 billion) a season. But in the most recent broadcasting deal for the 2019 to 2022 seasons, the price of domestic rights fell for the first time in 15 years, offset only by an increase in the value of overseas rights.Talks for the next three-year domestic TV package, which will run from 2022 to 2025, will start in the next few months ahead of an auction next year. Clubs had been hoping that well-capitalized online streaming companies such as Amazon.com Inc. and Len Blavatnik’s DAZN would push up the price by bidding against the incumbents, Comcast Corp.’s Sky unit and BT Group Plc.The virus has put paid to those dreams. Sports-specific online streaming services have been hit hard during the pandemic. While pay-TV stations often tie their customers into long contracts, internet streamers operate on a month-to-month basis, so they endure far higher customer losses when there’s no sport to be shown. DAZN, a British company that bills itself as the Netflix of sport, has been scrambling to secure new funding after committing billions of dollars on rights.Last time around, the Premier League succeeded in selling two small packages of games to Amazon. The idea was to whet the e-commerce giant’s appetite by demonstrating how soccer could drive new subscriptions to its Amazon Prime service. Ostensibly, that effort seems to have been a success. Amazon said it signed up millions of new subscribers after the games it showed in December.But that may not be enough to convince Jeff Bezos’s company to splash out billions of dollars on the major packages of English games (Amazon spends just 90 million pounds per year on its current rights). That’s because Premier League football is more of a customer acquisition tool for Amazon than one of retention: It convinces people to sign up for Prime, and the hope is that they stick around once they see the corollary benefits like cheap deliveries of Amazon goods and plentiful television box sets and films.Bezos doesn’t really need a package of games that stretches across a whole season, he just needs enough to convince people to try Prime once. So while Amazon might come back for another package next year, it’s likely to be another small one. The possibility of a rival tech player entering the market — Netflix Inc., Facebook Inc., Apple or Alphabet Inc.’s Google – appears minimal. With each game costing 9 million pounds to show, they see more value investing in content with a longer shelf life. Episodes of Netflix's The Crown will attract audiences for years, in a way that Wednesday's 0-0 draw between Aston Villa and Sheffield United will not.The Premier League’s 20 teams will probably see their cumulative revenue drop by 17% this year to 4.3 billion pounds, Deloitte estimates. About 500 million pounds of that is lost sales, so a timeout might be called on mega-transfer fees and mega-wages. The Premier League may have already passed its peak.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Bloomberg

    Covid-19 Masks Aren’t a Political Statement

    (Bloomberg Opinion) -- AMC Entertainment Inc., the largest cinema operator in the U.S. and Europe, initially decided that it wouldn’t require guests to wear masks at its theaters when they reopen, and for an especially troubling reason: “We did not want to be drawn into a political controversy,” CEO Adam Aron said in an interview this week with Variety. But wearing a mask isn’t a political statement, and it’s dangerous for corporate brands to suggest it is.AMC reversed course on Friday afternoon with a statement saying that after “an intense and immediate outcry from our customers” it will now “require that all AMC guests nationwide wear masks as they enter and enjoy movies at our theatres.” In the early days of the Covid-19 pandemic, mixed messages from government leaders caused confusion around how to keep people safe, with masks thought to be unnecessary at one point. (Plus, there were concerns of creating shortages for hospital workers, which happened anyway). But given what health experts have since learned about how this particular virus infects, there is little doubt now that face coverings help minimize the spread. Already, as many as 450,000 Covid-19 cases may have been prevented because of state-mandated face masks in public settings, according to a study by Health Affairs, a peer-reviewed health care journal.Health experts have determined that masks are best worn in crowded places where you’ll be for a long stretch of time, especially if it’s an enclosed area. The close quarters of a movie theater — along with airplanes, restaurants, subway cars and theme parks — are a perfect example. Still, as of Friday afternoon, AMC's rivals, Cineworld Group Plc’s Regal Cinemas and Cinemark Holdings Inc., weren't requiring masks unless a certain state or county does. Places with loud talking or singing can be super-spreaders as well. These factors are all why Walt Disney Co. and Comcast Corp.’s Universal are requiring face coverings at their parks, as are airlines including American and Delta for passengers and crew, even if reports of full flights partially negate those efforts. Face coverings are also more effective if everyone wears them; the more stylish cloth masks being sold by retail chains and Etsy artisans may not provide the same level of protection as professional-grade filtering respirators, but if everyone is wearing some type of face covering, the risk of transmission is probably low.While AMC was already requiring masks for its employees, “We thought it might be counterproductive if we forced mask wearing on those people who believe strongly that it is not necessary,” Aron said in the Variety article Thursday. “I will certainly be wearing a mask and leading by example.” The problem with this line of thinking is that it falsely suggests wearing a mask is a personal choice deeply rooted in one’s beliefs. That makes it even more difficult for any businesses to enforce without facing push-back. As it is, that enforcement will fall to workers — often young people — who may be ill-equipped to handle an uncooperative customer if the rules seem squishy. It’s not like movie theaters and other businesses don’t already have their own rules. Retailers and restaurants generally require shoes and shirts to be worn at all times. And everyone knows that you can’t bring your own food and drinks to the movies or smoke inside. You’re also supposed to silence phones before a film starts. Wearing a mask should be treated as just another point of etiquette. Because aspects of the crisis have already been politicized in some ways, companies are understandably concerned about alienating customers at a time when they’re trying to bring back revenue and traffic. But they also risk making other customers scared to venture out again if it doesn’t feel safe. As Bloomberg Opinion’s Noah Smith wrote this week, there’s good reason to believe that “most of the economic damage from the lockdowns wasn’t due to stay-at-home orders, but because of public fear of the virus.” Credit-card spending continued, he notes. Comments like Aron’s undermine any attempts to require masks, which will likely make it more difficult to both get this pandemic under control and restore the economy. If mask wearing is treated as it should be — a new safety protocol that we just may have to get used to for a while because health experts advise it — then it helps remove any irrational political sting. The virus doesn’t care who you vote for, and wearing a mask certainly doesn’t signal support for one party or another. What it does is to help us all finally get out of the house. At least AMC finally came around.(Updates to add that AMC Theatres is now requiring masks.)This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.